That Goldilocks Economy
Well, let’s check in on that great Goldilocks economy we hear so much about:
Fourth Quarter GDP growth was only 1.6%, but cheerleading economists already think that growth in the First Quarter of 2006 will clock in at 4.5%. Yet consumer confidence fell in February by a larger than expected amount.
And sales of existing homes fell by 2.8% in January, the fifth month of declines. This comes after sales of new homes fell by 5% in January as well.
For the record, these were the findings from that CBS News/New York Times poll yesterday that pushed Bush’s job approval rating down to 34%, and Cheney's to 18%:
Overall job approval: 34%
On the Economy: 32%
On Energy: 27%
The national economy is:
(January readings in parentheses)
Good: 50% (57%)
Bad: 48% (42%)
And just wait for the Medicare Part D drug bills to kick in later this spring from the donut hole in coverage.
It should be noted that despite all the happy talk from Bush lately about his economic record on jobs and business investment, both have been lackluster compared to the rhetoric used to sell his tax cuts, and compared to normal recoveries.
Image from MSNBC.com